April 17, 2003 - Golden Tulip is proud to announce its participation in the shareholding of a new company called "EuroTulip Hospitality Management BV".  The first acquisition of the company, represented by the takeover of the lease agreements of the former "Euroase" hotels, was finalised today, 17th April 2003. All six hotels are located in The Netherlands and have been associated with Golden Tulip Hotels, Inns & Resorts since 1st January 1994. The new company EuroTulip

Golden Tulip Victoria  Woeste Hoefweg 80, 7351 TP, Hoenderloo, Netherlands

Golden Tulip Hospitality BV, the parent company of Golden Tulip Hotels, Inns & Resorts, will be 20% shareholder. The other parties involved are the AHM Hotel Groep BV with 30% of the shares, Franmar Holding BV with 20% of the shares and Hooge Raedt Groep B.V. (HRG), the owning company of the real estate of the six hotels, with a 30% stake.

The hotels operated by the EuroTulip Hospitality Management are:

Golden Tulip Residence Victoria, Hoenderloo / 109 rooms
Golden Tulip Landgoed de Wipselberg,  Beekbergen / 90 rooms
Golden Tulip Epe,  Epe /  138 rooms
Golden Tulip Loosdrecht, Loosdrecht /  68 rooms
Tulip Inn Beekbergen, Beekbergen / 78 rooms
Tulip Inn Amersfoort,  Amersfoort / 74 rooms

Hans Kennedie, managing director and CEO of Golden Tulip states: �Being primarily a franchise company, this step is extremely significant to the brand. By having direct control over a number of hotels, we are able to set the standards for existing and new franchisees by showing flagship properties.�

�This step is strategically very important for AHM�, states Job Heilijgers, owner and managing director of the AHM Hotel Groep. �AHM currently operates 14 hotels and 4 conference centres and it is our goal to continue to grow our position in the hotel and meeting market. Through EuroTulip Hospitality, we have created a new vehicle for expansion, which will accelerate our growth plans.�

Henk Sterk, managing director of the HRG, comments: �We are very pleased to have joined forces with this consortium of investors. We feel that the strong background of all parties with Golden Tulip as such and with the management and operation of hotels represents a high value adding potential to the real estate of the hotels.�

Martin Paardekooper, owner of Franmar Holding B.V., adds:� The operation of these hotels will continue under its current management, however we see a high potential revenue improvements in the operations, through the synergies created by the group of investors and expertise available in the EuroTulip.�

Golden Tulip Hotels, Inns & Resorts is a privately owned franchise company with its head office based in Amersfoort, the Netherlands. Since the recent takeover of TOP International Hotels, a German based hotel consortium, the portfolio comprises over 45,000 rooms in approximately 450 hotels across 46 countries, with the majority of hotels being located in urban destinations across Europe. 

Golden Tulip offers a unique concept for two brands, designed to implement international standards, whilst maintaining local flavours: Golden Tulip for the four star urban and resort hotels and Tulip Inn for the three star category.  Whilst no two hotels are alike, the high level of service, hospitality and comfort will be found and recognised throughout the chain. TOP International Hotels offers hotel reservations, marketing and sales services to independent hotels. Since 1975, Golden Tulip is the preferred travel partner of KLM Royal Dutch Airlines.